Page 20 - Tata Group

India's air-conditioner market likely to reach Rs 50,000 cr by FY29: Voltas

The India room air-conditioners (RAC) market is likely to grow at a healthy CAGR of 12 per cent to reach Rs 50,000 crore by FY 2028-29, Tata group firm Voltas said in its latest annual report. The competition in the Indian RAC market has "intensified" with the presence of homegrown and leading foreign players, said Voltas, a market leader in the segment. Moreover, the competitive "intensity is going to increase" further in the near future, the company said while discussing challenges and opportunities. Factors like increasingly hot summers, rising disposable incomes, and the quest for a better lifestyle with easy access to consumer finance are likely to drive growth for this room air-conditioner segment. "The Indian RAC market is expected to grow at a healthy CAGR of 12 per cent to reach a figure of Rs 50,000 crores by 2028-29," said Voltas. Voltas sold over 2 million AC units in 2023-24, which, according to the company, was the highest number of ACs ever sold by any brand in a si

Shoplifting, employee theft: Indian retail firms see rise in shrinkage

Retailers noted that shrinkage is most pronounced in apparel, footwear, and fashion categories, with the next highest rates observed in gadgets such as mobile phones, smartwatches, and headphones

S&P puts six Tata Group cos on credit watch rating with positive outlook

S&P Global Ratings on Friday said it has placed credit watch ratings with positive implications on six Tata Group entities, citing possible increase in group support. The companies are Tata Steel Ltd, Tata Motors Ltd, Jaguar Land Rover Automotive PLC(JLR), Tata Power Co Ltd, TML Holdings Pte Ltd and ABJA Investment Co Pte Ltd, S&P Global Ratings said in a statement. The rating actions came ahead of a review of the relationship between the group's holding company, Tata Sons Pte Ltd (unrated), and its subsidiaries, it added. S&P Global Ratings said its review will assess whether the potential of extraordinary support for the group entities from Tata Sons is greater than what it previously factored. "This is due to increasing operational and management linkages within the group," the rating agency said, adding that Tata Sons has a record of supporting group entities in events of stress. The group provided material extraordinary financial support to entities such as Tata ...

Tata Group in talks to acquire a majority stake in Vivo's India unit

On June 12, a report emerged that the Centre may okay a joint venture between Indian and Chinese companies if the Indian partner holds a majority stake of at least 51 per cent in the firm

India's consumer market represents long-term opportunity: N Chandrasekaran

India's consumer market represents a long-term structural opportunity, driven by population, a growing middle class, rapid urbanisation, increasing disposable incomes and raising aspirations, Tata Consumer Products Ltd Chairman N Chandrasekaran said on Thursday. The Tata group's FMCG arm is well positioned to capitalise on the significant opportunity, he said, while addressing the annual general meeting (AGM) of TCPL. Chandrasekaran said the India economy has been growing "very strongly" and the current momentum continues to be high. India is likely to maintain similar growth momentum in the coming years, he said, adding that the global economic landscape has been rather volatile with the geopolitics reshaping supply chains, energy security, and overall resilience. The baseline forecast for the world economy is to continue to grow over 3 per cent during 2024 and 2025. However, "India has been growing very strongly with the economic growth rate of 8.2 per cent for the fiscal 2023-2

Chargesheets to cabin crew can be detrimental: Air India Express Union

The Air India Express Employees Union (AIXEU) has termed the alleged issuance of charge-sheet by the airline's management to around 200-odd cabin crew members for reporting sick during last month's strike as unfortunate and unfair labour practice. In a letter to Air India Express chief Alok Singh on Sunday, the Union also warned the Tata Group-run airline's management that such actions could be detrimental to the interests of the company and its passengers. According to Union sources, the charge-sheet was issued to around 200 cabin crew members on June 5, with a deadline of 72 hours to file a response. Around 200 cabin crew members of Air India Express went on strike on May 7, to protest against the alleged mismanagement in the airline, resulting in cancellation of hundreds of flights. Consequently, the airline management terminated the services of 25 cabin crew members and warned the others to join work or else face the same action. Three days later, the strike was called off aft

Air India: Now lock your flight rate for two days by paying nominal fee

Air India's 'Fare lock' feature allows passengers to secure a fare for two days by paying a nominal fee, allowing them to confirm their travel plans

Air India Express taps on growth, group synergies: MD Aloke Singh

As it looks to tap the growth opportunities and group synergies, Air India Express Managing Director Aloke Singh on Wednesday said the airline will focus on the cost side and transformation plans in 2024-25. Air India Express is in the process of merging AIX Connect, formerly AirAsia India. "In 2024-25, a lot of synergies will be unlocked... there will be a laser focus on the cost side," Singh said. The two airlines are part of the Tata Group, which is also in the process of merging Vistara with Air India. There will be cross feeds between Air India long haul flights and domestic short haul flights, he said and added that there is substantial growth coming in. With the network and the new fleet coming in, there will be a significant upside on the revenue and cost side, Singh said. Speaking at the CAPA India Aviation Summit 2024 in the national capital, Singh also said that for the next five years, he does not see any issue of bilateral flying rights impacting its growth.

2,500 job cuts inevitable in Tata Steel's UK operations: CEO Narendran

Loss of jobs for around 2,500 workers at Tata Steel's operations in the UK, which are in a transition phase, is "inevitable", the company's CEO T V Narendran said. Fear of job losses has attracted criticism of the workers' unions and they are continuously protesting against the company in the UK. India-based Tata Steel owns the UK's largest steelworks of 3 million tonne per annum (MTPA) at Port Talbot in South Wales and employs around 8,000 people across all its operations in that country. As part of its decarbonisation plan, the company is shifting to low-emission electric arc furnace (EAF) process from the blast furnace (BF) route which is nearing its end of life cycle. Speaking to PTI, Narendran said the transition to EAF with the UK government aid will make the company competitive in terms of reduced production cost, and also help in reduction of 5 million tonnes of Co2 per year. "But all this involves 2,500 job losses and that is what the unions obviously are not happy with.

Air India's Delhi-Vancouver flight faces delay, rescheduled for Sunday

Air India's flight from the national capital to Vancouver, which was to take off early Saturday morning, faced an inordinate delay due to technical issues. The airline said the flight has been rescheduled and is now expected to depart early morning on Sunday. In a span of three days, this is the second instance of an Air India ultra long haul flight getting delayed for long hours. After a delay of more than 30 hours, the airline's Delhi-San Francisco flight, that was originally scheduled to depart at around 1530 hours on Thursday, took off at 2155 hours on Friday. "AI185 scheduled to operate Delhi-Vancouver of 1 June was delayed because of technical issues and subsequently due to crew coming under the mandatory Flight Duty Time Limitations," an Air India spokesperson said in a statement on Saturday. The spokesperson said the flight is expected to leave early morning on June 2 and regretted the inconvenience caused to passengers due to the operational disruption. The flight was ..

Delhi-San Francisco flight delay: A-I apologises, offers $350 voucher

Air India has apologised and offered a travel voucher of USD 350 each to the passengers of the San Francisco flight that took off from the national capital after a delay of more than 30 hours. There were 199 passengers in the flight, according to a source. After a delay of over 30 hours, the flight took off from the national capital at 2155 hours on Friday and landed at San Francisco at 1245 hours (IST) on Saturday. The flight duration was around 16 hours. "Please allow me to sincerely apologise, on behalf of Air India, for the extended delay in bringing you to San Francisco, which was caused by several technical delays and other operational constraints," Air India Executive Vice President and Chief Operating Officer Klaus Goersch said in a letter to the flight's passengers. As a gesture of apology, Air India has offered a "travel voucher worth USD 350" for future travel with the airline, the letter dated May 31 said. The passengers will also have the option to credit the amount .

No better story than steel in reviving private capex: Tata Steel MD & CEO

In India, we expect the EBITDA per tonne to be a little lower though the spreads have improved a bit because it's a quarter where we have a lot of shutdowns, said TV Narendran

India's $100-billion mcap club grows to eight with three new entries

The Aditya Birla group has seen its market value jump by more than 50 per cent, making it the latest entrant to the $100-billion club

India needs wider range of semiconductor suppliers, says industry expert

Governments around the world are investing aggressively to build domestic supplies of semiconductors

Tata Steel Q4FY24 results: Net profit drops 64.1% to Rs 611.48 cr

Consolidated revenue from operations at Rs 58,687.31 crore was down by 6.8 per cent Y-o-Y. The Bloomberg consensus estimate for revenue was Rs 58,375.1 crore and net income Rs 928 crore

AI Express cabin crew union, airline management discuss various issues

Representatives of a cabin crew union at Air India Express and airline management on Tuesday held discussions on salary and other issues during the meeting convened by the labour department as part of the ongoing conciliation proceedings, according to a source. The next meeting is scheduled for July 2, the source said. The Air India Express Employees Union (AIXEU), which represents a section of the cabin crew at the airline, had filed a complaint before the labour department last year. Following the complaint, a conciliation process is happening under the Industrial Disputes Act. Room sharing, lack of proper support, revised salary structure and alleged differential treatment of experienced crew members of Air India Express are among the issues flagged by the union. The source, on the condition of anonymity, said various issues were discussed at the meeting held on Tuesday, including those related to salary and accommodation for cabin crew during layovers. At the meeting, the ...

Air India's Mumbai-San Francisco flight takes off after inordinate delay

Air India's flight to San Francisco from the city took off on Saturday evening after an inordinate delay due to multiple reasons. The flight, which was originally scheduled to take off at 1600 hours on Friday, was delayed by over 25 hours, due to multiple reasons and rescheduled for Saturday. Again on Saturday, the flight was initially expected to fly out in the morning but finally took off for San Francisco around 1730 hours, according to an official. Details about the number of passengers could not be ascertained. On Friday, passengers had to wait inside the aircraft for more than five hours before the flight was rescheduled for Saturday. An airline official had said the Boeing 777 plane, which was scheduled to take off at 1600 hours, was first delayed due to a technical glitch, then some passengers deboarded and subsequently, another passenger fell ill. After deboarding the passenger who started feeling unwell around 1917 hours, it was noticed that by the time the flight would

Eastern India's largest auto cluster seeks to emerge from Tata shadow

Jamshedpur has 600-700 ancillary units in its industrial areas that solely depend on Tata Motors and Tata Steel

Tata Power planning to raise $1 bn loan for clean energy projects

India aims to nearly triple its green power capacity by the end of the decade and firms including Tata Power, Adani Green Energy Ltd. and Reliance Industries Ltd. are ramping up such efforts

Air India gives increments to staff, announces performance bonus for pilots

Air India on Thursday announced annual salary increments for its staff, and also introduced an annual target performance bonus for pilots, according to sources. This is the first appraisal process after Tata Group took over the loss-making airline a little over two years ago. On Thursday, Air India CHRO Ravindra Kumar GP announced salary increments for employees, with effect from April 1, 2024, as well as performance bonus payouts for FY 2023-24 based on company and individual performance, sources said. They said that Air India, which is in the process of revamping itself under a five-year transformation plan, is providing competitive salary increments to attract and retain talent as part of larger efforts to have a performance-driven and meritocratic culture among the employees. Air India has around 18,000 employees. The airline has rolled out annual appraisals for all employees, who joined before December 31, 2023, including ground staff, cabin crew and pilots. The appraisals ar